中天精装：股东拟减持不超3%股份 惠云钛业：股东拟合计减持不超3%股份 蓝天燃气：控股股东金融借款合同纠纷，被冻结4280万股股份 华懋转债：不强赎 海天转债：不下修 普昂医疗：北交所新股【上市】 红板科技，三瑞智能：沪市新股【申购】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 113677 | 华懋转债 | 不强赎 | 2026-03-27 | 公告 | | 113700 | 海天转债 | 不下修 | 2026-03-27 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 118054 | 安集转债 | 169.919 | 100.291 | 2026-03-23 | 2026-03-26 | 170.52 | 0.012 | 0.00% | | 1232 ...

证券研究报告·固定收益·固收周报 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20260316- 20260320）》 固收周报 20260322 转债建议优先关注主线核心资产 2026 年 03 月 22 日 2026-03-21 《二级资本债周度数据跟踪 （20260316-20260320）》 2026-03-21 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 上周（0316-0320）全球股债金市三杀延续，地缘事态持续发酵， 市场避险情绪浓厚，延续定价伴随霍尔木兹海峡封锁带来的滞 胀预期，进一步对流动性会否维持宽松的疑惑边际加深。观点上 我们仍接纳上周的观察和思考，认为本次地缘冲突在长期维度 上会触发全球能源安全、能源自主叙事，同时我们认为未来在叙 事上市场或开始谨慎区分"冲突持续"和"海峡封锁"，"海峡 开通"和"供 ...

延续调整，转债估值明显压缩 ——可转债周报（2026.3.9-2026.3.15） 核心观点 关注东方金诚公众号 获取更多研究报告 ·· 作者 东方金诚 研究发展部 分析师 翟恬甜 副总经理 曹源源 上周，工信部发布《关于启动工业数据筑基行动 开展面向 人工智能赋能的高质量行业数据集建设先行先试的通知》， 聚焦关键环节关键场景"小切口"开展先行先试，明确到 2026 年底，赋能一批行业大模型、工业智能体等应用落地， 赋能行业提质降本增效，探索工业领域高质量数据集建设和 数据开发利用模式。 时间 2026 年 3 月 16 日 二级市场方面：上周，权益市场小盘风格走弱，转债市场回 调明显，转债估值较大压缩，大盘风格相对占优，细分类别 中万得可转债大盘指数以 0.24%跌幅领跑。转债 ETF 上周在 避险情绪下出现明显净赎回倾向，合计净赎回转债 25.67 亿 元，可转债 ETF 净赎回 21.11 亿元，可转债 ETF 海富通净赎 回 4.56 亿元。 展望后市，若美以伊战事继续外溢并向长期化演化，油价居 高不下抬升全球通胀预期，预计转债将跟随正股较大波动， 市场防御性高切低需求之下，双低转债将迎来阶段性占优。 ...

Group 1 - The core viewpoint of the article discusses various convertible bonds, including proposals for adjustments and redemption statuses [1][2]. - Wei Ning Convertible Bond proposes a down adjustment [1][2]. - Xiao Xiong Electric's net profit for 2025 is projected to be 401 million, representing a year-on-year growth of 39.17% [1]. - Hongqiang Convertible Bond is subject to strong redemption [1][2]. - Yubang and Titan Convertible Bonds will not undergo strong redemption [1][2]. - Shengtai Convertible Bond will not be adjusted [1][2]. - Haitan Convertible Bond has been listed [1][2]. Group 2 - A table lists various convertible bonds with their current prices, strong redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]. - For example, Zhonghe Convertible Bond has a current price of 136.230, a strong redemption price of 100.519, and a conversion value of 136.24 [4]. - The remaining scale of Yifufu Convertible Bond is 5.938 billion, with a conversion value of 117.01 [4]. - The data indicates the market performance and potential investment opportunities in the convertible bond sector [4][6].

Group 1 - Zhuhai Guanyu plans to raise no more than 3.3 billion yuan through a private placement [1] - The company aims to use the funds for expanding production capacity and enhancing technological innovation [1] - This fundraising initiative reflects the company's strategy to strengthen its market position in the battery industry [1] Group 2 - The convertible bond market is experiencing various announcements, including strong redemptions for certain bonds [2][5] - Specific convertible bonds such as the Fenggong and Liyang bonds are set for strong redemption, indicating a trend in the market [5] - The current prices and redemption values of several convertible bonds are listed, showing their market performance [4][7]

Macro Strategy - The report discusses the impact of liquidity shocks on commodity markets, highlighting that certain commodities, which are fundamentally sound, have been "misjudged" during these shocks and may present better entry points as the market stabilizes [1][6]. - The report indicates that after the liquidity shock, the core logic of commodity markets remains unchanged, with a focus on supply-demand dynamics and the potential for recovery in mispriced commodities [6]. Financial Products - The report reviews the performance of gold ETFs, noting that macroeconomic data and policy expectations have fluctuated, with interest rate cut expectations providing temporary support for gold [2][9]. - It emphasizes the importance of geopolitical risks and central bank gold purchases in supporting gold prices, while also indicating that the market may experience high volatility in February 2026 [2][9]. Fixed Income - The report provides an analysis of the Hai Tian convertible bond, predicting a listing price between 125.75 and 139.83 CNY, with a conversion premium of approximately 30% [3][10]. - It highlights the company's stable revenue growth and the strategic use of raised funds for infrastructure projects, indicating a solid credit rating and good debt protection [10][11]. Industry Analysis - The report identifies a shift in the semiconductor and storage industry driven by AI demand, suggesting that storage capacity is becoming a critical bottleneck for AI performance [4][12]. - It recommends focusing on companies like SanDisk, SK Hynix, Samsung Electronics, and Micron Technology, as they are positioned to benefit from the increasing demand for high-capacity storage solutions [4][12]. - The report notes that the chemical sector is expected to see continued improvement in market conditions due to structural changes in demand, particularly from emerging industries [7][12]. Company Recommendations - The report maintains a positive outlook on Yum China, highlighting its robust dividend yield and steady revenue growth, with projections for continued expansion in store numbers and profitability [5][13][14]. - It notes that the company has successfully improved operational efficiency and cost management, contributing to its strong financial performance [13][14].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Last week, the stock market continued to adjust, with a significant style shift. The previously leading precious metals, communication, and electronics sectors had deep pullbacks, while funds flowed to relatively undervalued sectors such as liquor, beauty care, and coal. The bond market was generally volatile, with yields rising initially due to liquidity pressure and then sentiment gradually improving. The convertible bond market had more than half of the individual bonds rising, with the CSI Convertible Bond Index up 0.05% for the week, the median price up 0.69%, the arithmetic average parity down 1.74%, and the overall market conversion premium rate up 0.92% compared to the previous week [1][7][8]. - From February 9 - 13, the convertible bond market continued to deeply adjust with compressed valuations on Monday but quickly recovered on Tuesday. There were unexpected redemptions of some convertible bonds during the week, and institutions showed a strong demand for convertible bonds. After short - term liquidity disturbances, the spring rally is expected to continue. It is recommended to focus on convertible bonds with appropriate performance and valuation levels, especially in the growth technology sector, and avoid high - redemption - risk targets [2][19][20]. 3. Summary According to Relevant Catalogs Market Trends (2026/2/2 - 2026/2/6) - **Stock Market**: The market continued to adjust with shrinking trading volume and a significant style shift. Different sectors showed different performances each day. Most Shenwan primary industries rose, with food and beverage (4.31%), beauty care (3.69%), and power equipment (2.20%) leading the gains, while non - ferrous metals (-8.51%), communication (-6.95%), and electronics (-5.23%) lagged [7][8]. - **Bond Market**: It was generally volatile. Yields rose initially due to weak PMI data, commodity and equity market fluctuations, and liquidity pressure. Later, sentiment improved supported by factors such as the central bank's larger - than - expected bond purchases in January and stable local bond issuance. The 10 - year Treasury bond rate closed at 1.81% on Friday, down 0.1bp from the previous week [8]. - **Convertible Bond Market**: More than half of the individual convertible bonds rose. The CSI Convertible Bond Index was up 0.05% for the week, the median price was up 0.69%, the arithmetic average parity was down 1.74%, and the overall market conversion premium rate was up 0.92% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in the [90,100), [100,110), and [110,120) parity ranges changed by +4.58%, -0.30%, and +1.86% respectively, and were at the 99%, 100%, and 99% percentile values since 2023. Most industries in the convertible bond market rose, with social services (11.45%), national defense and military industry (2.23%), and environmental protection (2.06%) leading, while computer (-3.91%), electronics (-3.30%), and non - bank finance (-3.14%) lagged. The total trading volume of the convertible bond market last week was 4058.40 billion yuan, with an average daily trading volume of 811.68 billion yuan, slightly lower than the previous week [8][12][17]. Valuation Overview As of February 6, 2026, for equity - biased convertible bonds, the average conversion premium rates in the 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and over 130 yuan parity ranges were 59.42%, 45.57%, 36.37%, 28.64%, 19.99%, and 20.43% respectively, at high percentile values since 2010 and 2021. For bond - biased convertible bonds with a parity below 70 yuan, the average YTM was -5.24%, at the 1%/2% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 52.09%, at the 97%/100% percentile values since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 10.43%, at the 97%/100% percentile values since 2010/2021 [21]. Primary Market Tracking - **Last Week (2026/2/2 - 2026/2/6)**: Haitian Convertible Bond announced its issuance, and Shangtai Convertible Bond was listed. Haitian Convertible Bond has a scale of 801 million yuan, and the funds will be used for water supply and sewage treatment projects and to supplement working capital. Shangtai Convertible Bond has a scale of 1.734 billion yuan, and the funds will be used for a lithium - battery anode material project [28][29]. - **Future Outlook**: As of February 6, there are no announcements of convertible bond issuance and listing in the coming week. Last week, 4 companies passed the listing committee review, 2 were accepted by the exchange, and 1 passed the shareholders' meeting. Currently, there are 99 convertible bonds to be issued, with a total scale of 154.85 billion yuan, including 7 that have been approved for registration with a total scale of 5.36 billion yuan and 4 that have passed the listing committee review with a total scale of 4.52 billion yuan [30].

Investment Rating - The report provides a positive investment rating for Haitan Convertible Bonds, with an expected listing price range of 125.75 to 139.83 yuan, indicating a favorable outlook for investors [14][15]. Core Insights - Haitan Water Group is recognized as a leading enterprise in the environmental protection industry in China, with a focus on digital transformation and the establishment of a smart water management platform [17][32]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 15.60% projected from 2020 to 2024, and an expected revenue of 1.519 billion yuan in 2024, reflecting an 18.95% year-on-year increase [17][23]. - The net profit attributable to shareholders is projected to reach 305 million yuan in 2024, representing a 25.97% increase year-on-year, despite a slight decline in the overall net profit margin [17][20]. Summary by Sections 1. Convertible Bond Basic Information - Haitan Convertible Bonds (113700.SH) have a total issuance scale of 801 million yuan, with net proceeds allocated to various water supply and wastewater treatment projects [10][11]. - The bond has a maturity of 6 years, with a credit rating of AA/AA, and a face value of 100 yuan, featuring a tiered coupon rate from 0.10% to 2.00% over its lifespan [12][10]. 2. Investment Subscription Recommendations - The expected first-day trading price for Haitan Convertible Bonds is projected to be between 125.75 and 139.83 yuan, with an estimated conversion premium of around 30% [14][15]. - The bond's conversion price is set at 12.52 yuan per share, with the underlying stock closing at 12.78 yuan on February 4, 2026, leading to a conversion parity of 102.08 yuan [12][14]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Haitan Water Group has established a modern and diversified industrial system in water supply, wastewater treatment, and solid waste management, with a focus on operational efficiency and digitalization [17][32]. - The company has maintained a stable sales net profit margin, with figures ranging from 18.14% to 21.75% from 2020 to 2024, while the gross profit margin has shown slight fluctuations [20][27]. 3.2 Company Highlights - As one of the early entrants in the urban water supply and environmental management sector, Haitan Water Group has developed a competitive edge in project acquisition and operational management, contributing to its stable revenue growth and strong market position [32][17].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The Haitian Convertible Bond (113700.SH) was available for online subscription on February 5, 2026, with a total issuance scale of 801 million yuan. After deducting issuance fees, the net proceeds will be used for several projects and to supplement working capital [2][3]. - The current bond floor valuation is 113.5 yuan, with a YTM of 2.16%. The conversion parity is 102 yuan, and the parity premium rate is -2.03%. The bond floor provides good protection [2][12]. - The terms of the convertible bond are standard, and the total equity dilution rate is 12.17%, exerting a certain dilution pressure on the equity [2][13]. - It is estimated that the listing price of the Haitian Convertible Bond on the first trading day will range from 125.75 to 139.83 yuan, with a conversion premium rate of around 30% [2][15]. - Since 2020, the revenue of Haitian Water Group Co., Ltd. has been growing steadily, with a compound growth rate of 15.60% from 2020 - 2024. In 2024, the company achieved an operating revenue of 1.519 billion yuan, a year - on - year increase of 18.95%. Meanwhile, the net profit attributable to the parent company slightly decreased, with a compound growth rate of 14.92% from 2020 - 2024. In 2024, it reached 305 million yuan, a year - on - year increase of 25.97% [2][17]. - The company's sales net profit margin and gross profit margin slightly declined, while the sales expense ratio, financial expense ratio, and management expense ratio decreased [2][20]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - The issuance and subscription schedule of the Haitian Convertible Bond is from February 3 to February 9, 2026, including steps such as publishing announcements, online roadshows, and determining the allotment results [9]. - The convertible bond has a code of 113700.SH, a face value of 100 yuan, a term of 6 years, and a rating of AA/AA. The initial conversion price is 12.52 yuan per share, and the conversion period is from August 11, 2026, to February 4, 2032 [10]. - The proceeds from the issuance will be used for projects like the digital water supply and efficiency improvement project in Jianyang and the expansion project of Jiajiang Urban Domestic Sewage Treatment Plant, with a total of 801 million yuan [11]. - The bond - related indicators show a pure bond value of 113.5 yuan, a pure bond premium rate of -11.89%, and a pure bond YTM of 2.16%. The equity - related indicators show a conversion parity of 102.08 yuan and a parity premium rate of -2.03% [11][12]. 3.2 Investment Subscription Suggestion - By referring to comparable targets and the empirical model of the conversion premium rate on the first listing day, considering the good bond floor protection, rating, and scale of the Haitian Convertible Bond, it is expected that the conversion premium rate on the first listing day will be around 30%, and the corresponding listing price will range from 125.75 to 139.83 yuan [14][15]. - The original shareholders' priority allotment ratio is 100.00%, and the online winning rate is 0.0009% [16]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company has a diversified industrial system in the environmental protection industry. Since 2020, its revenue has grown steadily, and the net profit attributable to the parent company has also increased [16][17]. - The company's sales net profit margin and gross profit margin have fluctuated, and the sales expense ratio, financial expense ratio, and management expense ratio have decreased. The overall profitability remains at a high level but fluctuates periodically [20][27]. - The company's operating revenue mainly comes from the sewage treatment business, and the product structure changes annually. The revenue from the waste - to - energy business has been increasing year by year [23]. 3.3.2 Company Highlights - The company is an early private water service enterprise in the field of urban water supply and drainage and water environment comprehensive treatment. It has a mature "investment - construction - operation integration" model and certain competitive advantages in project acquisition, operation management, and cost control [32].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Haitian Convertible Bonds on the first day of listing is expected to be between 147 - 152 yuan, and it is recommended to actively subscribe [3][19] - The expected first - day new bond lottery winning rate is around 0.0028% - 0.0034% [4][20] - Haitian Convertible Bonds have a general issuance scale, general liquidity, a fair rating, and good bond floor protection. It is not difficult for institutions to include them in their portfolios, and there is no objection to primary market participation [2][15] 3. Summary of Each Section Based on the Table of Contents 3.1 Haitian Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Haitian Convertible Bonds is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 801 million yuan, the initial conversion price is 12.52 yuan, the convertible bond parity on February 3 is 101.44 yuan, the pure bond value is 98.39 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal [2][15] 3.1.2 New Bond Initial Price Analysis - The main business of the company is divided into environmental protection and new energy materials sectors. After deducting issuance fees, the raised funds will be used for water - related projects and supplementing working capital to enhance operational efficiency and market competitiveness [18] - Based on market environment and parity level, the conversion premium rate of Haitian Convertible Bonds on the first day of listing is expected to be in the range of [45%, 50%], corresponding to a target price of 147 - 152 yuan [3][19] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - As of June 2025, the top two major shareholders hold 60.62% of the shares in total. Assuming the old shareholders' placement ratio is 61% - 68%, the scale for the market is 259 million - 315 million yuan. Assuming 9.4 million valid online subscriptions, the lottery winning rate is around 0.0028% - 0.0034% [4][20] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Industry's Upstream and Downstream Situations - The environmental protection business focuses on water supply, sewage treatment, and solid waste treatment. The new energy materials business is mainly about the R & D, production, and sales of photovoltaic conductive silver paste [21][22] - The upstream of the water business includes water supply, equipment manufacturing, etc. The downstream includes end - users and government departments. The upstream of the new energy materials business includes raw material suppliers, and the downstream is photovoltaic cell manufacturers [22][23] 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend. Since the acquisition of the Heraeus silver paste division in 2025, new energy materials have become a new growth driver [28] - The company's comprehensive gross profit margin has remained stable. The gross profit margin of the main business has been stable with a slight increase in the past three years, and decreased slightly in the first half of 2025 due to the consolidation of the new energy business [32] - The company's period expenses have increased slightly in recent years, and R & D expenses have fluctuated slightly, with a large amount in the first half of 2025 due to the acquisition of the new energy materials business [36][37] - The proportion of accounts receivable in operating income has increased slightly, and the accounts receivable turnover rate has generally decreased. The net profit attributable to the parent company has fluctuated greatly, and the profitability has generally increased but decreased significantly in the first half of 2025 [41][43] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity is relatively concentrated. Haitian Investment is the controlling shareholder, and Sichuan Hebang is the second - largest shareholder. Mr. Fei Gongquan is the actual controller [44] 3.2.4 Company's Business Characteristics and Advantages - The company has a dual -主业 development pattern of environmental protection and new energy materials. It has regional operation advantages, comprehensive service capabilities, technical advantages, and industry status advantages [51][52][53] 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 801 million yuan. After deducting issuance fees, 204 million yuan will be used for the Jianyang project, 254 million yuan for the Ziyang project, 103 million yuan for the Jiajiang project, and 240 million yuan for supplementing working capital [13][54] - The Jianyang and Ziyang projects will introduce a smart water system, with expected economic and social benefits. The Jiajiang project will expand a sewage treatment plant, also with good economic and social benefits [55][56]